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:2005206228:(1962-),,,53()2005.5(3)VOL.5,NO.320059JournalofNanjingAgriculturalUniversity(SocialSciencesEdition)Sep.,2005(,,210095):,,,,;:;;;:F276:A:16717465(2005)0300076,2004,1376,,,,,,,,,,,,:,,?111992,220,67,A20%6%[1],,199312,6.56%,1999602,61.87%2000,:2000393,33.31%;2001332,27.82%;2002444,42.53%[2]7,20001.60,,[1],,,,,,,,,21,,,,[3]1999121,71,66.4%,66,5;15,14.0%;29.9%,6,,1999(103)73,7.5%,2000101,8.6%[4],19920.37,19930.61,19940.25,19950.23,19960.28,19970.3660.35[2],,2002,2003,,20022003,2002,101,2003ST,,,,,,,,103,,,31,,1998,,8020%;80,51,400.2[5]2001274668,25%120,0.80515%53,35.3%,50%,0.05199934(3.5%),20002001128184(10.8%17.5%)2003,14040%140,240.2[4][6],,41,,,,,,,,,,,,19962000,4.5%;19972000,7.44%[5],,20028()519992000997,19992000[7],,,,,,,,?,???,,,,,,,,;;,11,,,,,,19992000997,,[7],,50419971999,LOGISTIC,:,[8]2002299,,,[9],,,,;,,EPS,,,,,,,21,,,,,,,93:,,,;,,,;,,;,,,,,,20030.31,0.276,0.23,0.428,0.17,3.11,2.94[6]:[8],[7]3,,[10],,,,,,,[11],31,,,,,,[12]:,,,,;,,,A[13],,,,,,[14]ROE,[15]414334000,:(1),,,(2),,(3),,,(4),,,(5),,[5]01()5:(1),(),;(2),;(3),,,,,,,,,,,,;;,,,,,,,,,,[16],,,:,,,,,,,,,,;,,,,,,,,,,,,,,,,,,;113:,[17]2000,,,,,(),:[1].[J].,2004,(6).[2],.[J].,2003,(10).[3].[J].,2001,(2).[4].[J].,2002,(6).[5],.[J].,2001,(8).[6].03[N].,20040428.[7],.[J].,2002,(20).[8],.[J].,2001,(6).[9],.[J].,2003,(4).[10].[J].,1999,(2).[11],.:[J].,2004,(4).[12],.?[J].,2002,(8).[13].[J].,2002,(9).[14],,.:[J].,2003,(8).[15],,.[J].,2003,(1).[16],.[J].,2000,(10).[17].[J].,2003,(12).()AnalysisontheactualityandreasonsofinterestssharesinChinapubliccompanyWUHong2yan(CollegeofEconomicsandManagement,NanjingAgniculturalUniversity,Nanjing210095,China)Abstract:Theinterestssharesinpubliccompanyisthedeedwhichallotstheenterpriseearningsbetweenthecompa2nyandtheshareholder,itisoneofthemainfinanceactivitiesofcompany.Theidealinterestonsharespolicyshouldkeeponofthedevelopmenttoachieveacertainbalanceintheshareholderbenefits,thebusinessenterprisevalueanditspermanentdeveloping.Thispapertriestoassignthetheoriestocommencefromtheinterestonshares,analyzingthepresentconditionandtheinfluencefactorsoftheinterestsallotmentinChinesepubliccompany,andinvestigatingitsrationalityandtheusefulnessofthepolicy.Onthepointoftheview:businessenterprisecharacteristic,abilityforper2manentearnings,lawproblemsandtheproblemofagencyisimportantfactorthataffectsChinesepubliccompanytoes2tablishitsinterestssharespolicy.Inaddition,shareholderhobbyandcashdischargealsodecidethepolicyofthepubliccompanyinterestonsharesallotmenttosomeextent.Keywords:Publiccompany;theinterestsshares;presentcondition;theinfluencefactor;analysis21()5